Babylon Labs official announcements or blockchain transaction data

Babylon Labs Bitcoin Staking Protocol Increases Cap, Pulls in 24,000 BTC ($1.5B)

Oct 8, 2024, 04:34 PM

Babylon Labs, a Bitcoin staking protocol, has announced an update for its Bitcoin staking mainnet Phase-1 Cap-2. The maximum staking amount per Bitcoin staking transaction has been increased from 0.5 BTC to 500 BTC. Babylon Labs completed a staking round capped at 1,000 BTC ($62.4 million) in August and has now opened for staking deposits again with a new 'duration-based' round. The protocol pulled in about 24,000 BTC, or $1.5 billion, after briefly lifting its deposit cap. Pending stake amounts to 18.7K BTC (~$1.16 billion). The new round launched at 8 PM UTC on Tuesday without any network fee spikes.